Bitcoin Breaking Out Of Descending Broadening Wedge – Can Bulls Push BTC To $144,000?
Main Idea
Bitcoin (BTC) is showing signs of a potential breakout to the upside, with technical analysis suggesting it could reach new all-time highs, despite possible temporary pullbacks due to macroeconomic factors.
Key Points
1. Bitcoin is trading within a narrow range but may be on the verge of an upward breakout, potentially targeting $144,000.
2. Technical analysis indicates a bullish MACD crossover, similar to the setup in Q4 2024, which preceded a significant price surge.
3. The US Federal Reserve's potential delay in interest rate cuts due to employment data could cause a temporary pullback in Bitcoin's price.
4. Bitcoin's weekly RSI suggests the price is not yet overbought, indicating room for further upward movement.
5. At the time of reporting, Bitcoin was trading at $108,160, down slightly by 0.1% over the past 24 hours.
Description
Over the past week, Bitcoin (BTC) has been seesawing within a narrow price range of $107,000 to $110,000, offering little clarity on the direction of its next major move. However, the latest technical analysis suggests that the flagship cryptocurrency may be on the verge of a breakout to the upside, potentially eyeing a new all-time high (ATH). Bitcoin Set To Clear Descending Broadening Wedge According to a recent X post by crypto trader Merlijn The Trader, Bitcoin appears poised to break out of...
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